73 jobs in Workington are to go after it was announced that the Indorama PET factory is to close.
The announcement came after a series of consultations between management and employees.
The company says an influx of cheaper materials from Asia is to blame for the decision.
This is something we have sought to avoid if possible but after close consultations with the workforce we have been unable to come up with a profitable solution to declining margins and increased competition especially from Asia. With no respite on the horizon at this time, moth-balling the plant is still not an easy decision for any of us but one that needs to be taken to protect from further damages."
The company will be offering redundancy packages but, as yet, a date has not been set for the plant's eventual closure.
"We have great respect and admiration for the people working for Indorama Ventures in Workington and we will be offering not only redundancy compensation but seeking to help them to find opportunities for new employment. These are some of the most experienced and professional employees in the industry and we will try our best to see them placed.”
More top news
The weekend looks promising for most of the region.
More than one in four children starting school in Cumbria have excess weight and obesity, according to Cumbria's Director of Public Health.
The 20-year-old from Workington is alleged to have kept a handwritten diary with detailed instructions on how to make pipe bombs and napalm.